How To Know If You Are Eligible For An Engineer Loan?

Picture this: A water sanitation company has handed you a contract to build a major wastewater system in one of the suburbs of Lucknow. While that sounds like a great opportunity, it also means that you have to buy new motor pumps, drilling machines and other equipment. You know that this will need more capital. So what will you do? It’s simple-all you have to do is apply for an engineer loan to keep your business running smoothly.

What kind of professional are you?

Are you a self-employed engineer or a consultant? If yes, you are eligible for an engineer loan.

Are you of the right age?

To avail an engineer loan, you must be between the ages of 26 and 65.

Do you have sufficient work experience?

You must have five years of vintage experience post your graduation, and a minimum of three years of experience being self-employed.

Do you have all the basic documents required?

Engineer loans require you to submit certain documents as part of the application process. Make sure you have your papers in order to avoid delays. These documents include:

KYC documents

Passport-size photographs

Business vintage for 3 years

Details of your engineering degree

Business proof such as a certificate of practice

Correctly filled out application form

Once you have met the eligibility criteria and have kept the required documents ready, here’s how you can get your engineer loan even quicker.

Maintain a high credit rating

A good credit rating signifies that your past repayment track record is clear. This means that your loan approval and funds transfer will happen swiftly. If you have a low credit score, simply clear your past debts before you apply for the loan.

Work towards business stability

The more stable your business, the more confident a lender is likely to be about your ability to repay an engineer loan. A widely fluctuating profit graph isn’t the answer, so ensure that your revenue is constant and meets a certain target every month.

Access to the line of credit:

This facility gives you a credit line for your chosen tenor. You can borrow what you need, when you need it and pay interest only on the sum borrowed. Your EMIs are low since they only consist of the interest component of your loan. You can repay the principal at the end of the tenor or make a bullet repayment when you have the funds. You can borrow multiple times to meet fluctuating expenses or pre pay when you can without any penalty.

This facility is convenient when you need funds on an ad hoc basis or can’t predict your monetary requirements.

Availability of funds up to Rs.15 lakh:

Whether it is setting up a workspace or buying materials and equipment for your projects, you can avail up to Rs.15 lakh to use as you deem fit.

Benefit from competitive interest rates and no collateral:

With a loan for engineers, you can enjoy a competitive interest rate. This keeps your EMIs affordable and ensures that your loan is a cost-effective proposition. What makes the deal even sweeter is the fact that you don’t need to provide collateral or a guarantor for engineer loans.

To get started and experience the benefits of an engineer loan, all you need to do is pick the right lender who has simple eligibility criteria, no hidden costs and quick approvals. Apply for Bajaj Finserv’s Engineer Loans and you will be introduced to a loan that offers fast processing, easy online application and nominal interest rates.

Terms and Conditions

I declare that all the particulars and information provided by me in this application form are true, correct, complete and up-to-date in all respects and that I have not withheld any information whatsoever.

I confirm that I have/had no insolvency proceedings against me nor have I ever been adjudicated insolvent by any court or other authority and I further confirm that I have read the information on various loan products made available by Bajaj Finance Limited (hereinafter referred to as “Bajaj Finance?) on the Website www.bajajfinserv.in.

I authorize Bajaj Finance to exchange, share all information and details as provided by me in my application and in relation to my existing loans and/or repayment history to any third party including but not limited to its group companies, service providers, banks, financial institutions, credit bureaus, telecommunication companies, statutory bodies, etc. for customer verification, personalization of products or services, credit rating, data enrichment, marketing or promotion of Bajaj Finance services or related products or that of its associates and affiliates or for enforcement of your obligations and I shall not hold Bajaj Finance (or any of its group companies or its/their agents/representatives) liable for the use/sharing of the information as stated above.

I agree and affirm that Bajaj Finance may contact me and communicate with me over telephonic calls, or SMS on the mobile number mentioned in the application, or through any other communication mode (“Communication Modes?) to verify the details provided by me on the application. Further, I confirm that I would like to know through the above mentioned Communication Modes various Bajaj Finance loan offer schemes or loan promotional schemes or any other promotional schemes relating to various products/services offered by BFL/its group companies from time to time and hereby authorize BFL, its group companies, employees, agents, associates to contact me from time to time for the same.

I agree and confirm that laws in relation to the unsolicited communication referred to in the “National Do Not Call Registry? (the “NDNC Registry?) as laid down by the Telecom Regulatory Authority of India will not be applicable for such communication/calls/ SMSs received from BFL, its group companies, its employees, agents and/or associates.

I undertake to keep Bajaj Finance updated of any change in the information provided by me in this application form.

I understand and acknowledge that Bajaj Finance shall have the absolute discretion, without assigning any reason to reject my loan application and that Bajaj Finance shall not be responsible/liable in any manner whatsoever for such rejection.

I further understand and agree that pursuant to this application form, I will be required to submit documents to the satisfaction of Bajaj Finance and accept the loan terms and conditions for availing the loan granted to me by Bajaj Finance from time to time.